Teamonk Global is planning to secure $5 million to augment its business in overseas markets and tap growing demand of green and black teas amid the Coronavirus health-crisis, according to a company official.
The Tea brand markets specialty teas and aims three-fold jump in revenue i.e by 55 per cent this fiscal to Rs 10.5 crore and over Rs 30 crore in FY22, despite the disruption caused by the pandemic, said Ashok Mittal, founder and MD.
Founded in 2016 by Ashok Mittal and Amit Dutta, the startup sells more than 60 variants of premium tea ranging from black teas, green teas, oolong teas and white teas.
Competing with the likes of Brewhouse, Teabox and Vehdam Teas, the Bengaluru-based startup has sealed $3 million from angel and institutional investors for business growth.
Backed by Inflection Point Ventures, Hunch Ventures, Roots Ventures and Lead Angels, the company has strategic alliances with two tea processing units in Nilgiris and with two plantation companies having four tea gardens in Darjeeling. It also has a packaging unit in Bengaluru.
“We will grow aggressive in international market where the price realisation is 2.5 times higher than the domestic market.” – Nalin Sood, CEO and Co-Founder, Teamonk said. He added – “Exports would contribute 75 per cent of the business in coming years.”
According to a statement by Teamonk – The market of global specialty tea is estimated to be $5.8 billion. While the specialty tea market in India is estimated to be around Rs 3,500 crore and has been growing at around 30 per cent year-on-year.
-AK
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.